Recent community sentiment surveys show that nearly 50% of Pi Network (PI) holders believe that the token may face a collapse around 2026. The main reasons focus on insufficient liquidez and the upcoming large-scale token unlock, which, if not handled properly, could trigger a sell-off and severely damage market confidence. Although Pi has completed the migration of 12 million users to the rede principal and launched several technical upgrades, structural challenges and competitive pressures are causing this once-promising project to fall into uncertainty. User growth and technical upgrades have not alleviated market concerns. The current circulating oferta máxima of Pi Network is 8.04 billion tokens, accounting for less than 10% of the oferta máxima (100 billion tokens). The plataforma recently launched the protocolo 23 update (Linux-based nodes, descentralização KYC, scalability optimization) and the PiOnline game/DeFi ecosystem, aiming to drive adoption. However, crypto analyst Kosasi Nakamoto pointed out that the Pi moeda has dropped 1 in 30 days.